§ Mr. MacGregorasked the Chancellor of the Exchequer to what levels the main personal allowances would need to be raised now in order to maintain their real value at April 1973; and what these increases would cost in terms of revenue.
§ Mr. Robert Sheldon,pursuant to his reply[Official Report, 11th December 1978; Vol. 960, c. 47],gave the following information
On the basis of the change in the retail prices index between April 1973 and October 1978, the latest month for which a figure is available, the principal personal allowances would be as follows:
£ Single person 1,299 Wife's earned income allowance 1,299 Married person 1,692 Age Allowance—Single 1,528* Age Allowance—Married 2,183* *These amounts are based on the value of age exemption for 1973–74. The cost of an increase to these amounts at 1978–79 income levels would be about £1,875 million.